Alert: CBN To Halt Dollar Sales To Bureaux de Change Operatos

The Vanguard reports that the Central Bank of Nigeria’s governor, Godwin Emefiele, said during a speech in Abuja that the apex bank was stopping the direct sale of US dollars to bureaux de change operators to protect the under-pressure naira and conserve depleted foreign reserves. In his words:

“Operators in this segment of the market would now need to source their foreign exchange from (an) autonomous source.” “Commercial banks will now be allowed to accept cash deposits of foreign exchange from their customers.”

The CBN has been under pressure to devalue the naira, which is officially pegged at 197 to the dollar, although on the tolerated black market, exchange rates can be as high as 250 naira. Restrictions on the forex market have been introduced to conserve reserves, including reducing the amount the CBN sells to each bureau de change operators each week from $60,000 to $10,000.

But Emefiele said the bank noted with “grave concern” that some operators were flouting limits on them providing $5,000 or less to clients.

“Instead, some had become “wholesale dealers” illegally handling millions of dollars per transaction. “Operators in this segment have not reciprocated the Bank’s gesture to help maintain stability in the market,” he added, accusing them of being “greedy” for selling at higher rates”.

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TSA: Sokoto Uncovers N1.5Bn in 100 Idle Accounts

Two weeks after the formal introduction of the Treasury Single Accounting (TSA) system in Sokoto, the state government said it has uncovered N1.5 billion lying idle in 100 redundant accounts belonging to it in various commercial banks in the country. The state commissioner of finance, Alhaji Umar Saidu, who stated this in Sokoto on Sunday while giving an update on the system’s implementation, said government is determined to trace and close down all dormant and inactive accounts operated by it. He said since the introduction of the TSA, there has been a massive improvement in the reconciliation of public finance figures between the government and commercial banks. This, according to him, has reduced risk of errors in reconciliation processes and has enhanced timeliness and quality of the fiscal figures from such accounts. The commissioner said the introduction of the TSA has now enabled government to regularly monitor public cash balances while at the same time ensuring

Recession: Sokoto Cancels Scholarships, Withdraws its Students from Foreign Universities

Sokoto state government has given approval for the transfer, back home, of 39 of its citizens currently in various schools in Dubai, the United Arab Emirates. In today’s exchange rate, the move will enable the government save over N500m from the policy. The government said this signals change of priorities in the payment of scholarship to study abroad. “The transfer/relocation of the students was necessitated by the need to conserve funds and apply same to more critical areas in the education sector,” the state Governor, Aminu Waziri Tambuwal, said this Friday in Sokoto when he received the report of the committee instituted to advise government on the issue. He added that admissions have been secured for all the students in Nigerian schools, while arrangements have been made to ensure that none of them misses a grade level upon their return home. “As at the time we sent the children to Dubai to study last year, the state government was spending over 400 million naira per

Great Ways On How To Look Taller Even Without High Heels

By FPN Most women who are petite wear high heels to look taller. Apparently, high heels make women feel good and also make us feel sexy. For those who wear high heels to look taller, there are other ways which you can look taller without high heels. 1. Flats and strappy sandals, especially in light or nude colors, that show a lot of skin will help elongate your legs instead of just cutting them off at the ankles. When it comes to boots, look for styles that end just above your ankle, at the narrowest part of your leg, so that as much of your leg is visible as possible. You can also try a fitted over-the-knee boot, but make sure to wear it with something extra short and fitted through the waist to make your legs look as long as possible. 2. Style your hair so that it has some height and fullness around the crown. You don’t have to have a big hair look, but avoid flat and smooth styling on top. 3. When going for jumpsuit, look for something fitted and tailored — n

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